In response to the recent budget reconciliation bill that passed the US House, Oregon State Treasurer Elizabeth Steiner has expressed staunch opposition and is calling upon the US Senate to halt its progress. The bill, dubbed the "One Big Beautiful Bill Act," draws criticism for imposing severe cuts on vital services, including Medicaid, Medicare, and food assistance programs, potentially placing increased financial strain on many Americans.
According to a statement from Steiner, the Congressional Budget Office (CBO) projects that the bill would add a significant $3.8 trillion to the federal deficit by 2034. Citing the potential reduction in funding to the Oregon Health Plan (OHP) due to Medicaid cuts estimated at $698 billion nationally and $7 billion for Oregon specifically, the bill has raised concerns about the accessibility and quality of health coverage provided to 1.4 million children and adults who rely on the OHP.
Moreover, the consequences for the Supplemental Nutrition Assistance Program (SNAP) appear dire, with projected budget cuts costing around $267 billion. This decrease in funding could result in a drop of approximately $993 million every two years for Oregon's food assistance programs, impacting close to 800,000 families within the state. In terms of income, the CBO’s analysis cast a grim forecast, indicating that by 2027, the nation's poorest families would see their income cut by 2%, ultimately climbing to 4% by 2033, while income for the wealthiest families would conversely rise.
"This unjust bill has already fueled more stock and bond market instability and has weakened the nation’s credit rating which means higher costs for all of us," Steiner told the Oregon Newsroom, emphasizing the broader economic risks. She also pointed out that the bill would escalate environmental degradation and stifle innovation in American companies by reducing clean energy incentives. In urging the Senate to reject the bill, Steiner voiced a need for more deliberate and responsible legislation that balances budgetary concerns with the well-being of the nation's citizens.
